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Frugman

Ferner frug man, ob Gregor XII. verpflichtet sei, dem Cons cil zu gehorsamen, da ein Theil der Theilnehmer an demselben auf Seiten Benedict's XIII. stehe. „Wird jemand begraben?“ frug man beinah ohnausnahmlich seine Leute aus den vorüberfahrenden Karossen. „Neujahrskärtchen!“ antwortete Friedrich mit. Frugman. Bürgerl. Name: Erik Halvar Frykman. Profil: Swedish songwriter, pianist​, editor, producer and recording supervisor (born 11 December in.

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Frugman „Wird jemand begraben?“ frug man beinah ohnausnahmlich seine Leute aus den vorüberfahrenden Karossen. „Neujahrskärtchen!“ antwortete Friedrich mit. so frug man, ob dergleichen Schenkung, welche er früher gemacht hat, von (frug man, ] ob, wenn zwar der Schenkgeber im Römischen Staate gestorben. für Saubstumme frug man noch vor fünfzig Jahren vergebens. Zwar hat man schon seit einigen Jahrhunderten Versuche gemacht, einzelne Taubstumme zu​. Einen Weisen, Verständigen, frug man, was die beste Wohlthat sei, und wie das Herz dabei beschaffen sein müsse. Er erwiederte: die beste der Gutthaten ist. Tausch eingegangen werde, 80 frug man dies auch in Bezug auf Miethe, wenn etwa der eine dem andern eine Sache zum Gebrauch oder zur Benutzung​. International economics Macroeconomics. Retrieved March 9, Krugman has also been influential in the field of international Frugman. Lucas Jr. Krugman has harshly criticized Big tittied asians Trump administration. Archived from the original on April 23, He savages the supply-siders of the Reagan—Bush era with the same glee as he does the My shemale wife traders' of the Clinton administration. So, Mujeres culiando con perros we put all of that in Free porn in pool simple framework? Retrieved February 26, National Anal sex pron Radio.

In fact, the very budget savings Republicans are counting on depend on people making bad choices. Sorry, but financial decisions like whether to get health insurance are not made well, even by the well-educated and affluent, let alone the poorer, stressed people who are the main targets of GOP cuts.

Not woodwork effect exactly, but I know people in New Jersey who tried to sign up for the exchanges and discovered that they had long been eligible for Medicaid.

So are reduced outlays on lower-income families a true cost to those families? Maybe not cents on the dollar, but a lot closer to that than to zero.

The big economic policy story for this week will be the attempt to ram through the Republican tax bill, which manages both to raise taxes on middle- and lower-income Americans even as it blows up the debt, all in the service of big tax cuts for corporations and the wealthy.

But just behind the tax story is the effort to gut the Consumer Financial Protection Bureau; and this too needs to be understood in the context of a broader GOP commitment to a demonstrably false but useful narrative.

Think about it: what would it take to persuade the right that financial deregulation is a bad idea, and some kinds of regulation are very good for the economy?

Modern financial regulation came about in the aftermath of the Great Depression, and — as you can see from the figure — the era of effective regulation was also an era of historically unprecedented financial stability.

Did this stability come at the expense of economic growth? Hardly: the era of effective regulation was also the era of the great postwar boom in America, the thirty glorious years in Europe.

Nonetheless, by the s a combination of free-market ideology and big money with the latter helping to feed the former produced a widespread belief among policymakers that those old regulations were pointless and harmful.

Regulations were lifted, and, maybe even more important, malign neglect allowed unregulated shadow banking to expand rapidly.

Funny how causing the worst crisis since the s can give you a bad reputation. But possibly the most amazing of all is the attempt to have it both ways on the question of middle-class taxes.

The Senate bill, as written, tries to be long-run deficit-neutral — allowing use of the Byrd rule to bypass a filibuster — by offsetting huge corporate tax cuts with higher taxes on individuals, so that by half the population, and most of the middle-class , would see taxes go up.

But those tax hikes are initially offset by a variety of temporary tax breaks. But they also need to assume that those tax breaks really will expire in order to meet their budget numbers.

So the temporary tax breaks need, for political purposes, to be both alive and dead. But for now, they want to hold it all in suspension.

Now …. Yesterday the Tax Policy Center released its macroeconomic analysis of the House tax cut bill. As a result, we should expect a significant fraction of the benefits of corporate tax cuts to go to foreigners, not domestic residents; income of domestic residents should rise less than GDP.

Start with the direct effects of a corporate tax cut. Steve Rosenthal says that about 35 percent of this gain, in turn, accrues to foreign investors.

Then there are the effects of the trade deficit. So this suggests an average return of maybe 2. My guess is that this is low, because the changes would be focused on direct investment, which earns higher returns.

So according to the back of my envelope, leprechaun economics — extra payments to foreigners — basically wipe out all of that growth.

And let me say that I am not entirely clear, given this result, why there should be any dynamic revenue gains. Given how scrupulous TPC normally is, they probably have an answer.

But for now, it looks to me as if, properly counted, these tax cuts would do nothing for growth. These are not good times, politically, for Republicans.

The Virginia blowout showed that the Trump backlash is real, and will show up in actual votes, not just polls. A series of local elections have produced Democratic victories in hitherto deep-red regions.

Despite gerrymandering and the inherent disadvantage caused by concentration of minority voters in urban districts, Democrats are probably mild favorites to take the House; thanks to Roy Moore, they even have a chance of taking the Senate, despite what was supposed to be an impossible map.

And when it comes to governorships, in which, oddly enough, the winner is the person who gets the most votes, a huge flip to Dems seems likely. Add in, too, events that are likely to damage the GOP brand even more.

You might think, given this background, that Republicans would moderate their policies in an attempt to limit the damage. The House tax bill is wildly regressive; the Senate bill actually raises taxes on most families, while including a special tax break for private planes.

In effect, the GOP is giving middle-class Americans a giant middle finger. This calculus is clearest in the case of House members representing the kinds of districts — educated, relatively affluent, traditionally moderate Republican — that went Democratic by huge landslides in Virginia.

But that model, with its extremely optimistic take on the growth and revenue effects of corporate tax cuts, is reportedly playing an important role in Senate discussions.

S capital stock will be 9. Where do the savings for that increase in capital come from? How much inflow are we talking about? A good baseline for private capital in would be to assume that it would grow with potential GDP.

So the Tax Foundation is claiming that the Senate bill would raise that by 9. Mainly it would come from manufacturing, although part of that would reflect indirect losses in service industries that supply manufacturing.

So the U. That is indeed a possible outcome if you make the right assumptions. But there are two necessary side implications of this story.

First, during the process of large-scale capital inflow, you must have correspondingly large trade deficits over and above baseline.

And I mean large. So how does the TF model deal with these issues? Judging from the description here , the current version of the model has no international sector at all — that is, it says nothing about trade balances.

The international sector captures the capital payments that leave the domestic economy to the foreign owners of domestic assets and adjusts the growth factors for the tax-return simulator to reflect the actual growth in incomes.

But what they appear to be doing now is fundamentally incapable of addressing key issues in the tax policy debate. Yesterday I noted that most discussion of the growth effects of the Cut Cut Cut Act, such as they may be, focuses on the wrong measure.

GDP might go up because lower corporate taxes will draw in foreign capital; but this capital will demand and receive returns, which mean that part of the gain in domestic production is offset by investment income received by foreigners.

Krugman was one of the most prominent advocates of the — Keynesian resurgence , so much so that economics commentator Noah Smith referred to it as the "Krugman insurgency.

A May Hamilton College analysis of 26 politicians, journalists, and media commentators who made predictions in major newspaper columns or television news shows from September to December found that Krugman was the most accurate.

Only nine of the prognosticators predicted more accurately than chance, two were significantly less accurate, and the remaining 14 were no better or worse than a coin flip.

Krugman was correct in 15 out of 17 predictions, compared to 9 out of 11 for the next most accurate media figure, Maureen Dowd.

In the s, besides academic books and textbooks, Krugman increasingly began writing books for a general audience on issues he considered important for public policy.

He attributes the rise in income inequality in part to changes in technology, but principally to a change in political atmosphere which he attributes to Movement Conservatives.

In September , Krugman published a collection of his columns under the title, The Great Unraveling , about the Bush administration 's economic and foreign policies and the US economy in the early s.

His columns argued that the large deficits during that time were generated by the Bush administration as a result of decreasing taxes on the rich, increasing public spending, and fighting the Iraq War.

Krugman wrote that these policies were unsustainable in the long run and would eventually generate a major economic crisis.

The book was a best-seller. The book describes how the gap between rich and poor declined greatly during the middle of the century, and then widened in the last two decades to levels higher even than in the s.

In Conscience , Krugman argues that government policies played a much greater role than commonly thought both in reducing inequality in the s through s and in increasing it in the s through the present, and criticizes the Bush administration for implementing policies that Krugman believes widened the gap between the rich and poor.

Krugman also argued that Republicans owed their electoral successes to their ability to exploit the race issue to win political dominance of the South.

In his book, Krugman proposed a "new New Deal ", which included placing more emphasis on social and medical programs and less on national defense.

Kennedy stated, "Like the rants of Rush Limbaugh or the films of Michael Moore , Krugman's shrill polemic may hearten the faithful, but it will do little to persuade the unconvinced".

In late , Krugman published a substantial updating of an earlier work, entitled The Return of Depression Economics and the Crisis of In the book, he discusses the failure of the United States regulatory system to keep pace with a financial system increasingly out-of-control, and the causes of and possible ways to contain the greatest financial crisis since the s.

He argues that while it is necessary to cut debt, it is the worst time to do so in an economy that has just suffered the most severe of financial shocks, and must be done instead when an economy is near full-employment when the private sector can withstand the burden of decreased government spending and austerity.

Failure to stimulate the economy either by public or private sectors will only unnecessarily lengthen the current economic depression and make it worse.

Martin Wolf has written that Krugman is both the "most hated and most admired columnist in the US". Peter Neary has noted that Krugman "has written on a wide range of topics, always combining one of the best prose styles in the profession with an ability to construct elegant, insightful and useful models.

Through his extensive writings, including a regular column for The New York Times , monographs and textbooks at every level, and books on economics and current affairs for the general public In this period Krugman critiqued various positions commonly taken on economic issues from across the political spectrum, from protectionism and opposition to the World Trade Organization on the left to supply-side economics on the right.

During the presidential campaign , Krugman praised Bill Clinton 's economic plan in The New York Times , and Clinton's campaign used some of Krugman's work on income inequality.

At the time, it was considered likely that Clinton would offer him a position in the new administration, but allegedly Krugman's volatility and outspokenness caused Clinton to look elsewhere.

You have to be very good at people skills, biting your tongue when people say silly things. I can move into a pristine office and within three days it will look like a grenade went off.

In , near the height of the dot com boom , The New York Times approached Krugman to write a bi-weekly column on "the vagaries of business and economics in an age of prosperity.

Bush 's policy proposals. According to Krugman, this was partly due to "the silence of the media — those 'liberal media' conservatives complain about As Alan Blinder put it in , "There's been a kind of missionary quality to his writing since then He's trying to stop something now, using the power of the pen.

When I argue with them in my column this is a serious discussion. We really are in effect speaking across the transom here.

So that's where I'm pushing. Krugman's columns have drawn criticism as well as praise. A article in The Economist [] questioned Krugman's "growing tendency to attribute all the world's ills to George Bush ", citing critics who felt that "his relentless partisanship is getting in the way of his argument" and claiming errors of economic and political reasoning in his columns.

His column provoked an angry response and The New York Times was flooded with complaints. President George W. Bush and former New York City mayor Rudy Giuliani of rushing "to cash in on the horror" after the attacks and describing the anniversary as "an occasion for shame".

Krugman was noteworthy for his fierce opposition to the presidential campaign of Bernie Sanders. On January 19, , he wrote an article which criticized Bernie Sanders for his perceived lack of political realism, compared Sanders' plans for healthcare and financial reform unfavorably to those of Hillary Clinton , and cited criticisms of Sanders from other liberal policy wonks like Mike Konczal and Ezra Klein.

Krugman has harshly criticized the Trump administration. In a Foreign Affairs article, Paul Krugman argued that it was a myth that the economic successes of the East Asian 'tigers' constituted an economic miracle.

He argued that their rise was fueled by mobilizing resources and that their growth rates would inevitably slow.

Krugman argued that in the long term, only increasing total factor productivity can lead to sustained economic growth.

Krugman's article was highly criticized in many Asian countries when it first appeared, and subsequent studies disputed some of Krugman's conclusions.

However, it also stimulated a great deal of research, and may have caused the Singapore government to provide incentives for technological progress.

During the Asian financial crisis , Krugman advocated currency controls as a way to mitigate the crisis. Writing in a Fortune magazine article, he suggested exchange controls as "a solution so unfashionable, so stigmatized, that hardly anyone has dared suggest it.

In the early s, Krugman repeatedly criticized the Bush tax cuts , both before and after they were enacted. Krugman argued that the tax cuts enlarged the budget deficit without improving the economy, and that they enriched the wealthy — worsening income distribution in the US.

In August , after Alan Greenspan expressed concern over housing markets, Krugman criticized Greenspan's earlier reluctance to regulate the mortgage and related financial markets, arguing that "[he's] like a man who suggests leaving the barn door ajar, and then — after the horse is gone — delivers a lecture on the importance of keeping your animals properly locked up.

Krugman points to Greenspan and Gramm for the key roles they played in keeping derivatives , financial markets, and investment banks unregulated, and to the Gramm-Leach-Bliley Act , which repealed Great Depression era safeguards that prevented commercial banks , investment banks and insurance companies from merging.

Krugman has also been critical of some of the Obama administration 's economic policies. He has criticized the Obama stimulus plan as being too small and inadequate given the size of the economy and the banking rescue plan as misdirected; Krugman wrote in The New York Times : "an overwhelming majority [of the American public] believes that the government is spending too much to help large financial institutions.

This suggests that the administration's money-for-nothing financial policy will eventually deplete its political capital.

There has to be a significant job proposal Krugman has recently criticized China's exchange rate policy, which he believes to be a significant drag on global economic recovery from the Lates recession , and he has advocated a "surcharge" on Chinese imports to the US in response.

In April , as the Senate began considering new financial regulations, Krugman argued that the regulations should not only regulate financial innovation, but also tax financial-industry profits and remuneration.

He cited a paper by Andrei Shleifer and Robert Vishny released the previous week, which concludes that most innovation was in fact about "providing investors with false substitutes for [traditional] assets like bank deposits," and once investors realize the sheer number of securities that are unsafe a "flight to safety" occurs which necessarily leads to "financial fragility.

In his June 28, column in The New York Times , in light of the recent G Toronto Summit , Krugman criticized world leaders for agreeing to halve deficits by Krugman claimed that these efforts could lead the global economy into the early stages of a "third depression" and leave "millions of lives blighted by the absence of jobs.

Krugman identifies as a Keynesian [] [] and a saltwater economist , [] and he has criticized the freshwater school on macroeconomics.

In the wake of the — financial crisis he has remarked that he is "gravitating towards a Keynes - Fisher - Minsky view of macroeconomics.

Their work argues that during a debt-driven slump, the " paradox of toil ", together with the paradox of flexibility , can exacerbate a liquidity trap , reducing demand and employment.

Krugman's support for free trade in the s—s provoked some ire from the anti-globalization movement. He also notes that increasing returns and strategic trade theory do not disprove the underlying truth of comparative advantage.

In , Krugman noted his ambivalence about the proposed Trans-Pacific Partnership , as the agreement was not mainly about trade and, "whatever you may say about the benefits of free trade, most of those benefits have already been realized" [by existing agreements].

After the elections, and Trump's moves towards protectionism, he wrote that while protectionism can make economies less efficient and reduce long-term growth, it would not directly cause recessions.

He noted that if there is a trade war, imports would decrease as much as exports, so employment should not be strongly impacted, at least in the medium to long run.

In addition, other countries would take retaliatory measures against US exports. In the late s, Krugman admitted that the models that scholars used to measure the impact of globalization in the s underestimated the effect on jobs and inequality in developed countries such as the US.

Krugman wrote in March Immigration reduces the wages of domestic workers who compete with immigrants. Krugman describes himself as liberal , and has explained that he views the term "liberal" in the American context to mean "more or less what social democratic means in Europe".

Say this for Krugman: though an unabashed liberal He savages the supply-siders of the Reagan—Bush era with the same glee as he does the 'strategic traders' of the Clinton administration.

Krugman has at times advocated free markets in contexts where they are often viewed as controversial.

He has written against rent control and land-use restrictions in favor of market supply and demand, [] [] likened the opposition against free trade and globalization to the opposition against evolution via natural selection , [] opposed farm subsidies , [] argued that sweatshops are preferable to unemployment, [44] dismissed the case for living wages , [] and argued against mandates, subsidies, and tax breaks for ethanol Krugman endorsed Democratic candidate Hillary Clinton in the run-up for the U.

Krugman has criticized the Republican Party leadership for what he sees as a strategic but largely tacit reliance on racial divisions. The changing politics of race made it possible for a revived conservative movement, whose ultimate goal was to reverse the achievements of the New Deal, to win national elections — even though it supported policies that favored the interests of a narrow elite over those of middle- and lower-income Americans.

Krugman worked for Martin Feldstein when the latter was appointed chairman of the Council of Economic Advisers and chief economic advisor to President Ronald Reagan.

He later wrote in an autobiographical essay, "It was, in a way, strange for me to be part of the Reagan Administration. I was then and still am an unabashed defender of the welfare state , which I regard as the most decent social arrangement yet devised.

He did not fit into the Washington political environment, and was not tempted to stay on. According to Krugman, Gordon Brown and his party were unfairly blamed for the lates financial crisis.

Krugman opposed the invasion of Iraq. He wrote in his New York Times column: "What we should have learned from the Iraq debacle was that you should always be skeptical and that you should never rely on supposed authority.

Krugman has been a vocal critic of Donald Trump and his administration. Krugman has often used his op-ed column in The New York Times to set out arguments against the president's policies.

On September 27, , Krugman tweeted: "Starting to look like two possible outcomes: Trump and a number of others end up in jail, or thousands of journalists end up in prison camps.

Krugman has been married twice. His first wife, Robin L. Bergman, is a designer. Together, Krugman and his wife have collaborated on several economics textbooks.

Although rumors began to circulate in early that Krugman's "son" was working for Hillary Clinton's campaign, Krugman reiterated in his New York Times op-ed column that he and his wife are childless.

Krugman currently lives in New York City. Krugman reports that he is a distant relative of conservative journalist David Frum. Ordinarily shy.

Shy with individuals. From Wikipedia, the free encyclopedia. For the surname, see Krugman surname. American economist.

Albany , New York , U. Basic concepts. Fiscal Monetary Commercial Central bank. Related fields. Econometrics Economic statistics Monetary economics Development economics International economics.

Edward C. Sargent Paul Krugman N. Gregory Mankiw. See also. Macroeconomic model Publications in macroeconomics Economics Applied Microeconomics Political economy Mathematical economics.

Play media. Biography portal. Bloomberg Podcast. Event occurs at Retrieved May 31, The Conscience of a Liberal. The New York Times. Archived from the original on October 20, Retrieved February 7, Business Insider.

Archived from the original on February 25, Retrieved February 19, June 8, Archived from the original on April 25, Retrieved January 20, Archived from the original on February 20, Retrieved May 15, Archived from the original on June 29, Retrieved June 14, Archived from the original on July 8, Retrieved August 6, Eastern Economic Association.

Archived from the original on August 29, Retrieved August 20, Research Papers in Economics. May Archived from the original on August 12, Retrieved July 4, Dixit and J.

Stiglitz , 'Monopolistic competition and optimal product diversity', American Economic Review Archived from the original on January 30, Retrieved September 14, Archived PDF from the original on December 30, Retrieved December 29, Pollack Archived September 15, , at the Wayback Machine p.

Archived from the original on July 22, Retrieved October 4, Archived from the original on June 27, Retrieved June 27, Archived from the original on December 1, Retrieved November 21, Retrieved November 11, Archived PDF from the original on March 4, Retrieved March 31, One of the things Robin Wells and I did when writing our principles of economics textbook was to acquire and study a copy of the original, edition of Samuelson's textbook.

Papers in Regional Science. Archived from the original on November 7, Retrieved September 7, American Economic Review. Retrieved August 19, Barkley Monopolistic Competition and Optimum Product Diversity.

The workhorse model of this approach since has been the model of monopolistic competition due to Avinash Dixit and Joseph Stiglitz It was used by Paul Krugman , to provide an approach to analyzing increasing returns in international trade.

Journal of Development Economics. Stockholm, Sweden. Archived PDF from the original on December 1, Retrieved November 22, Archived from the original on March 28, Taylor The Economics of Exchange Rates.

Cambridge University Press. Cambridge Journal of Regions, Economy and Society. Fetherston, Peter G. Szilagyi eds.

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Modern financial regulation came about in the aftermath of the Great Depression, and — as you can see from the figure — the era of effective regulation was also an era of historically unprecedented financial stability.

Did this stability come at the expense of economic growth? Hardly: the era of effective regulation was also the era of the great postwar boom in America, the thirty glorious years in Europe.

Nonetheless, by the s a combination of free-market ideology and big money with the latter helping to feed the former produced a widespread belief among policymakers that those old regulations were pointless and harmful.

Regulations were lifted, and, maybe even more important, malign neglect allowed unregulated shadow banking to expand rapidly.

Funny how causing the worst crisis since the s can give you a bad reputation. But possibly the most amazing of all is the attempt to have it both ways on the question of middle-class taxes.

The Senate bill, as written, tries to be long-run deficit-neutral — allowing use of the Byrd rule to bypass a filibuster — by offsetting huge corporate tax cuts with higher taxes on individuals, so that by half the population, and most of the middle-class , would see taxes go up.

But those tax hikes are initially offset by a variety of temporary tax breaks. But they also need to assume that those tax breaks really will expire in order to meet their budget numbers.

So the temporary tax breaks need, for political purposes, to be both alive and dead. But for now, they want to hold it all in suspension.

Now …. Yesterday the Tax Policy Center released its macroeconomic analysis of the House tax cut bill. As a result, we should expect a significant fraction of the benefits of corporate tax cuts to go to foreigners, not domestic residents; income of domestic residents should rise less than GDP.

Start with the direct effects of a corporate tax cut. Steve Rosenthal says that about 35 percent of this gain, in turn, accrues to foreign investors.

Then there are the effects of the trade deficit. So this suggests an average return of maybe 2. My guess is that this is low, because the changes would be focused on direct investment, which earns higher returns.

So according to the back of my envelope, leprechaun economics — extra payments to foreigners — basically wipe out all of that growth.

And let me say that I am not entirely clear, given this result, why there should be any dynamic revenue gains.

Given how scrupulous TPC normally is, they probably have an answer. But for now, it looks to me as if, properly counted, these tax cuts would do nothing for growth.

These are not good times, politically, for Republicans. The Virginia blowout showed that the Trump backlash is real, and will show up in actual votes, not just polls.

A series of local elections have produced Democratic victories in hitherto deep-red regions. Despite gerrymandering and the inherent disadvantage caused by concentration of minority voters in urban districts, Democrats are probably mild favorites to take the House; thanks to Roy Moore, they even have a chance of taking the Senate, despite what was supposed to be an impossible map.

And when it comes to governorships, in which, oddly enough, the winner is the person who gets the most votes, a huge flip to Dems seems likely.

Add in, too, events that are likely to damage the GOP brand even more. You might think, given this background, that Republicans would moderate their policies in an attempt to limit the damage.

The House tax bill is wildly regressive; the Senate bill actually raises taxes on most families, while including a special tax break for private planes.

In effect, the GOP is giving middle-class Americans a giant middle finger. This calculus is clearest in the case of House members representing the kinds of districts — educated, relatively affluent, traditionally moderate Republican — that went Democratic by huge landslides in Virginia.

But that model, with its extremely optimistic take on the growth and revenue effects of corporate tax cuts, is reportedly playing an important role in Senate discussions.

S capital stock will be 9. Where do the savings for that increase in capital come from? How much inflow are we talking about? A good baseline for private capital in would be to assume that it would grow with potential GDP.

So the Tax Foundation is claiming that the Senate bill would raise that by 9. Mainly it would come from manufacturing, although part of that would reflect indirect losses in service industries that supply manufacturing.

So the U. That is indeed a possible outcome if you make the right assumptions. But there are two necessary side implications of this story.

First, during the process of large-scale capital inflow, you must have correspondingly large trade deficits over and above baseline.

And I mean large. So how does the TF model deal with these issues? Judging from the description here , the current version of the model has no international sector at all — that is, it says nothing about trade balances.

The international sector captures the capital payments that leave the domestic economy to the foreign owners of domestic assets and adjusts the growth factors for the tax-return simulator to reflect the actual growth in incomes.

But what they appear to be doing now is fundamentally incapable of addressing key issues in the tax policy debate. Yesterday I noted that most discussion of the growth effects of the Cut Cut Cut Act, such as they may be, focuses on the wrong measure.

GDP might go up because lower corporate taxes will draw in foreign capital; but this capital will demand and receive returns, which mean that part of the gain in domestic production is offset by investment income received by foreigners.

And surely, as in Ireland with its leprechaun economy based on low corporate taxes, GNI is the measure you want to focus on.

Cut the corporate tax rate, and capital flows in, driving down the pre-tax rate of return by just enough to offset the tax cut.

The following figure shows the story. MPK is the marginal product of capital curve. The tax cut leads to a capital inflow that moves the economy down that curve.

The increment of capital should have a rate of return roughly halfway between, So how much does this raise foreign investment income? In other words, the true gain to the US is 1.

Together, Krugman and his wife have collaborated on several economics textbooks. Although rumors began to circulate in early that Krugman's "son" was working for Hillary Clinton's campaign, Krugman reiterated in his New York Times op-ed column that he and his wife are childless.

Krugman currently lives in New York City. Krugman reports that he is a distant relative of conservative journalist David Frum.

Ordinarily shy. Shy with individuals. From Wikipedia, the free encyclopedia. For the surname, see Krugman surname.

American economist. Albany , New York , U. Basic concepts. Fiscal Monetary Commercial Central bank. Related fields. Econometrics Economic statistics Monetary economics Development economics International economics.

Edward C. Sargent Paul Krugman N. Gregory Mankiw. See also. Macroeconomic model Publications in macroeconomics Economics Applied Microeconomics Political economy Mathematical economics.

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Ashgate Publishing, Ltd. This is poor logic, and pernicious insensitivity. Wealth by stealth: corporate crime, corporate law, and the perversion of democracy.

Between The Lines.

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